Last week, when USD/JPY was trading around 109, we noted that it would look "juicy" just a little lower. This week, the pair indeed dipped a little lower towards 108 before rebounding sharply.USD/JPY 4H Chart(click to enlarge)Reversal Attempt:- The 4H chart shows some signs of a bullish reversal developing.- First of all, price came up and broke above a previous resistance pivot around 109.80 as well as a falling trendline. - These signs are premature. A break above 111 would be a better confirmation.- Still, the latest rally has a little more "oomph" to it and could be the start of a bullish reversal attempt. - For now though, a bullish outlook should be limited to the 114-114.50 area, which involves a range consolidation resistance. - Furthermore, if we see a pullback, a hold above 109.50 would be a strong sign that bulls are indeed on a run. A hold above 109 would maintain that prospect as well, but it would be much more unclear. USD/JPY Daily Chart(click to enlarge)